Word: chases
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Madoff never used his asset-management money to trade securities, court documents show. Instead, he largely kept it in his Chase account for years. Though Chase bankers never raised a red flag, another arm of Chase did have suspicions about Madoff, and that raises questions. (See pictures of the demise of Bernard Madoff...
...Chase account, Madoff said in court in mid-March, was used to shuttle money back and forth between his U.S. and London operations, to make it appear he was executing trades in European markets, as he told federal regulators. Madoff made no trades at all with his Chase account, but rather just collected investor monies, wrote checks to investors, and took money for himself. In court, Madoff pleaded guilty to 11 counts of fraud, from wire transfer to money-laundering...
...puzzler for money chasers in Madoff's $65 billion Ponzi is why the multibillion-dollar bank account he kept at Chase never came under suspicion by internal bank compliance systems or managers in charge of Madoff's account. (Watch TIME's video about Madoff's trial...
...thing that should have raised suspicions is that the bank's review of its own investments caused it to pull $250 million from a Madoff feeder fund, Fairfield Greenwich, just months before Madoff was arrested. Chase took this action because it became "concerned about the lack of transparency," and its due diligence "raised doubts" about Madoff's operation...
...lawyer, Howard Kleinhendler, of Wachtel & Masyr LLP, is following the money trail and believes Madoff's Chase account was "suspicious" and should have been shut down the moment the bank pulled its funds from Fairfield Greenwich. Kleinhendler represents a dozen Madoff victims. (Read "Madoff Victims Look for Ways to Recover Their Money...